S corporation late filing penalty

Vietnam Sustainability Forum 2019 takes place in Hanoi At the forum (Source: VOV) The Vietnam Sustainability Forum 2019 took place in Hanoi on January 18 following the successful organisation of the first event last year. The forum creates a platform for policymakers, non-governmental organisations, businesspeople, and experts at home and abroad to exchange ideas to promote economic growth and sustainable society. Deputy Minister of Planning and Investment Le Quang Manh said Vietnam needs more effective solutions to address sustainable issues in the fields of human resources, climate change adaptation, smart agriculture, environment, and the Fourth Industrial Revolution. “Promoting sustainable development is not only about economic development, but also the settlement of social issues and environmental protection,” he said. In 2018, Vietnam recorded the region’s highest GDP growth at 7.08 percent as well as a trade surplus of 7.21 billion USD, tripling that of … [Read more...] about BUSINESS NEWS IN BRIEF 20/1

The newly-established Vietnam Taxi Alliance of many taxi firms is expected to create stiffer competition to ride-hailing apps in Vietnam, Photo: Duc Thanh In a major development in Vietnam’s taxi industry, last Monday, 17 ­traditional taxi operators teamed up to launch the ­Vietnam Taxi Alliance, which will operate across the country through the shared ride-hailing application EMMDI, a vehicle management software developed by specialists from Hanoi National University. Currently the group is present in over 40 cities and provinces with 12,000 cars, and six taxi operators based in Hanoi, including Thanh Nga, Van Xuan, Thang Long, Sao Mai, Long Bien, and Que Lua. Until late December 2018, the alliance will welcome Open 99 and VIC, increasing its fleet strength in Hanoi to 4,000 vehicles. It will also launch services in other provinces like Nam Dinh in the north and Ha Tinh and Quang Binh provinces in the central region. This is not the only instance of traditional taxi … [Read more...] about Taxi alliance pressures ride hailers

Viet Nam News HÀ NỘI — HCM City-based electronics retailer Nguyễn Kim has been asked to pay nearly VNĐ150 billion (US$6.42 million) in fines and tax arrears after it was found to have been improperly manipulating the amount of personal income tax its employees had to pay over the past 10 years. The whopping sum includes VNĐ104.74 billion (US$4.5 million) in personal income tax arrears, a VNĐ19.41 billion fine for administrative violations and another VNĐ24.18 billion penalty for late tax payment, according to the HCM City tax department. The city’s taxman launched an inspection into Nguyễn Kim, in which Thailand-based Central Group holds a 49 per cent stake, on May 28 and announced the results on June 29. Last year, the employees of Nguyễn Kim authorised the company to settle the tax bill but Nguyễn Kim dodged the payment of personal income tax for its executives and employees by shifting its employees’ … [Read more...] about Electronics retailer owes $6.42m in fines, back taxes over past decade

SYDNEY: The Commonwealth Bank on Monday (Jun 4) agreed to the largest civil penalty in Australian corporate history to settle claims it breached anti-money laundering and counter-terrorism financing laws. The fine Commonwealth Bank has agreed to pay is the largest corporate penalty in Australia's history. (AFP/SAEED KHAN) The Aus$700 million (US$530 million) fine - which is subject to court approval - comes after mediation between the nation's biggest bank and the country's financial intelligence agency AUSTRAC. It follows the lender being taken to court last August for "serious and systemic non-compliance" of anti-money laundering laws more than 53,000 times, with AUSTRAC filing 100 further claims in December. The bank was also accused of failing to adequately monitor suspected terrorist financiers. "While not deliberate, we fully appreciate the seriousness of the mistakes we made," CBA chief executive Matt Comyn said in a statement. "Our agreement today is a clear … [Read more...] about Australia’s Commonwealth Bank agrees to US$530m fine over money laundering breaches

The liquidation of a Vietnamese legal entity is a lengthy and complicated process in which the final tax audit involves a lot of effort from the dissolving entity. This article is to provide a list of key and common issues, which are frequently challenged by the tax authorities during a tax audit upon dissolution for the enterprises’ perception and compliance in order to mitigate the risks of additional tax liabilities, penalties, and interest on late tax payment. There is a lot to consider when liquidating a company, with tax issues a major issue General procedures of liquidating a company The voluntary dissolution procedures of a company include the following steps with relevant parties and regulatory authorities: Resolution on dissolution to be passed by investors, disclosed to relevant stakeholders and announced publicly in the newspaper; Terminating contracts (with customers, suppliers, landlord, etc.) and liquidating assets; Settling liabilities in accordance … [Read more...] about Liquidation of a Vietnamese entity—critical tax exposures